Our overccomplicated tax system #&&^$!#

[Drew99GT]

AHHHHHHHHHHHHHHHHHHH. Trying to do my taxes myself this year, and I am about to pick my computer up and throw it out my window!!!!!!!!!!!!!! This is the first year for me after itemizing deductions from last year, including my state taxes, and now the state has no record of that form I'm supposed to get, because your liable for the state refund on your federal return! So the federal government will make me liable for that money, but the state has no record of it that I need to send in with my federal return this year. Which, if you think about it, makes no logical sense in the first place. By taking my state taxes from last year as an itemized deduction, they then want me to report the state refund I got this year as income. ***. All that does is shift that tiny little bit of taxable income up one year (if you take you state/local taxes as an itemized deduction AND THEN recieve a refund on it), so what's the dam point of claiming it as a deduction in the first place. READ: National sales tax. Best thing that could ever happen to our country. Not worrying about, or having to do income taxes would be the most productive thing for economy. Sorry, had to vent

 

[labman]

I may not have this quote quite right, but I believe Jimmy carter said our tax system is a disgrace to the human race. It must be 10 times worse now. On of the few things I have seen done right in my life time was when Ronald Regean raised the standard deduction so high, it was no longer worth while for me to itemize. Actually for somebody who works for somebody else and doesn't save or invest much, it isn't too bad. Step over that line, and it is a mess.

Besides the cheating and conniving a complicated system encourages, it is a great source of corruption as people try to buy loopholes and rig the system to benefit them and hurt their competition. So why can't anybody who runs on the issue of simplifying taxes ever get elected? One more thing I figure Kerry is even less likely to do than bush. Ever do a financial aid form?

 

[Al]

I did the Turbo Tax this year for the first time this year. What a great probram. Cost me 12 bucks to efile and also for another $14 the check was deposited in my bank account. I can't imagine a better program. Next year it will remember this years stuff-so it should be easier.

 

[labman]

I used Tax Cut by whoever a few years ago when I had some capital gains. It was sort of a pain. Since then, I have lived a simpler life and made do with a spread sheet. It is still a pain. I hate our tax system.

 

[benjamming]

I used Taxact.com this year & last year. It's free for your federal return if you have over 28k adjusted gross income I believe it is. To e-file your state is like $7.95. But I e-file the federal for free & print it out. By that time, I can download my state forms & fill them out myself.

 

[Bio-T]

Look in your local newspaper and look for the AARP. They do tax free for the poor, elderly and the working person. No business owners. I was paying an Accounting Firm to do mine, and this year I went in, and it was done free. They E-filed my State and Federal return, and I had a direct deposit on the returns. Why pay if you can get it free.

 

[jsharp]

I've used Turbo Tax for the last few years and it's great. It pretty much guides you through everything.

The tax laws are crazy. We could get along with a 5 line form and possibly a tax table if we didn't want to use the tax system for social engineering...

 

[JohnnyO]

I own my own company so it's pretty complicated for me but I can actually do taxes faster without the computer. I agree a flat tax or national sales tax would be preferable but never happen since that's where/why politicians get money, to tinker with the tax code. Funny that Russia has gone to a flat tax and we use Karl Marx's progressive tax.

 

[Forkman]

quote:

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Originally posted by benjamming:
I used Taxact.com this year & last year. It's free for your federal return if you have over 28k adjusted gross income I believe it is. To e-file your state is like $7.95. But I e-file the federal for free & print it out. By that time, I can download my state forms & fill them out myself.

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I used Taxact as well. Total cost was $15 to file both state and Fed. I didn't need to spend the $9.95 for the "premium" package that lets you go through all the complicated itemized deductions, capital gains etc.

Fed wasn't free because I was under $28K last year. State I could have filed online for free through the state's system but it was so convoluted, complicated, and not to mention painfully slow I said screw it and did both returns through Taxact.

Both returns were direct deposited within 2 weeks of filing.

I'm just glad I was able to deduct student loan interest this year or I'd have had to pay in $200 instead of getting $400 back.

 

[Schmoe]

Turbo Tax just simply rocks! If you didn't get the 1099 G form from you State, just write one out and attach it with the rest of your W2's when you mail in your federal forms. I'm sure you remember how much it was, look at your copy of last years tax returns. If you do this, you will have done the best "faith" work and you won't be held liable.
One thing I have seen happening is the Alternative Minimum Tax that is eating a lot of people up this year. If you got a lot of deductions, be careful, you may be in debt to Uncle Sam this year. Try running your taxes without some of the deductions and see which way works to your advantage.